Best bank site for CP: UBS Warburg
UBS Warburg's ECP site has come out on top for the third consecutive year in the commercial paper category, though again the gap has narrowed. Barclays Capital and JPMorgan both showed sites that do very similar things. But while these banks have been catching up, UBSW has been refining its service. It has done enough to win yet again, providing issuers and investors with transparent, firm and continuously updated levels across seven major currencies.
At the site's core is a searchable database of levels for the issuers that UBS Warburg deals with. Investors can find the paper they want without time-consuming phone calls, and issuers can see how they compare with their peers.
Live swap feeds create synthetic levels in all the currencies the site covers, whether or not the issuer actually wants a specific currency. UBS Warburg's forex traders guarantee to stand by these swap levels for any size of ticket. And the site highlights the best opportunities for cross-currency arbitrage. It can also automatically sort offerings so the user sees which of the available currencies offer the best value. Investors can configure the site to show only issuers, currencies and tenors they are interested in; it will then highlight the best levels available within these criteria at any given time.